Sinopac's China profits hit $3.8B in H1

Sinopec, the Chinese company and the world's largest oil refining firm, announced an unexpected 19.3% increase in its net profit during the first half of 2026, reaching $3.81 billion despite challenges such as the conflict in the Middle East and declining domestic demand for fuels. Despite the rise in profits, the company had to write down the book value of its inventories by 16 billion yuan due to a drop in their market value. Its operating profits in the refining sector saw a significant increase of 381.5%, driven by diversification of oil supply sources and an improved product mix. With the ongoing impact of the Middle East conflict on international oil prices and import costs—where refining margins reached 453 yuan per ton, up 44.1%—Sinopec continues to adapt its strategies to handle market fluctuations and rising expenses.

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